Technical analysis of Gold for September 10, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has made yet another low yesterday at the $1,247.00 level before pulling back towards the $1,257.00 region at close. The metal seems to have found support just ahead of $1,240.00 levels for now. A 4H chart view has been depicted here to provide immediate bullish structural view, keeping in mind the daily chart discussed yesterday. As seen here, an engulfing bullish reversal signal has appeared after printing lows, which indicates a potential trend reversal. We would like to see a follow through up to $1,274.00 levels to confirm that bulls are back firmly in control. Immediate support is the $1,240.00 level while resistance is seen through $1,258.00, followed by $1,272.00/74.00 and higher respectively.

Trading recommendations:

Remain long, stop at $1,240.50, target is open.

Good luck!

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Daily analysis of major pairs for September 10, 2014 Market Analysis Review

EUR/USD: This is still a bearish market in spite of the shallow bullish attempts that can be seen in the chart. The resistance lines at 1.3000 and 1.3050 could serve as barriers to more bullish attempts. The price may go further downwards – thus turning out to be a short-selling opportunity for bears. Should this happen, the price may reach the support line at 1.2850.

USD/CHF: The dominant bias on the USD/CHF is northward. In spite of the current bearish retracement, the price may still go upwards, reaching the resistance level at 0.9400. More bearish speculations are expected to be contained at 0.9300 and 0.9250; something that would be favorable to bulls.

GBP/USD: After challenging the price territory at 1.6100, the cable which is bearish, has consolidated. What would be the next price action? The most likely journey is southward, which may take the market to the accumulation territory at 1.6000. Long trades on the cable are not yet recommended.

USD/JPY: Here, the signal is still a ‘buy.’ The price is far above the EMA 56 and the RSI period 14 is above the level 50. Unless the price crosses the EMA 56 to the downside and the RSI period 14 crosses the level 50 to the downside, it would be illogical to go short in this market. The market may go further upwards, reaching another target at the supply level of 106.50.

EUR/JPY: Further weakness in the yen and a measure of bullish determination in the euro has made the EUR/JPY cross gone upwards. Further upward journey, especially above the supply zone at 137.50, would result in a Bullish Confirmation Pattern in the chart. This can also mean the beginning of a sustained northward bias.

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Technical analysis of USD/CAD for September 10, 2014 Market Analysis Review

Trading recommendations :

• According to the previous events, the USD/CAD pair is still moving between 1.1025 and 1.0950.


• Sell below the price of 1.6026 which represents the ratio of 61.8% Fibonacci retracement levels with the first target at 1.0983. Then, it will go towards 1.0950 in order to test this strong support (50% Fibonacci retracement levels).


• Buy above the price of 1.0950 (if the trend fails to close below it) with a target at 1.1026, then at the price of 1.1118 in order to test the strong resistance.

Notes :

• Please, check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.


• The key level is set at 1.0950.


• We expect a range of 75 pips in coming hours.


• History will probably repeat itself at this level again.

Intraday technical levels :

• R3: 1.1080


• R2: 1.1055


• R1: 1.1018


• PP: 1.0993


• S1: 1.0956


• S2: 1.0931


• S3: 1.0894

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Technical analysis of GBP/USD for September 10, 2014 Market Analysis Review

Overview :

* The GBP/USD pair will probably move between 1.6190 and 1.6064. Also, it should be noted that the double bottom is set at the price of 1.6064. Consequently; it would be wise to be careful at this range area of 126 pips. In particular, it will be very important to wait for a period of tight sideway range market before investing. Equally important, the level of 1.6054 formed a strong support, as well as this price corresponds to 00% of the Fibonacci retracement levels (the double bottom). Therefore, the market is likely to start showing the signs of a bullish market. In other words, it will be a good idea to buy above the 0.6064 level with the first target of 1.6133 in order to retest the daily pivot point and it will climb towards the price of 1.6190 for testing a resistance.

• However, If the the pair does not break this resistance, the market will indicate a bearish opportunity below 1.6202, then the level will act really as strong resistance, for that it will a good option to sell below 1.6202 with the first target of 1.6064 to form the double bottom again and it will call for a downtrend in order to continue bearish towards 1.5964 tomorrow.

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Daily analysis of USDX for September 10, 2014 Market Analysis Review

Daily chart: The USDX has made a pullback at the resistance level of 84.29. So, this instrument is likely to fall to the support level of 83.74 to form a bullish pattern. If the USDX manages to make a breakout at the resistance level of 84.29, the next objective would be the level of 85.18. The MACD indicator stays in the positive territory.

H4 chart: The USDX is trying to consolidate above the bullish trend line next to the level of 84.25. If the USDX succeeds in doing a breakout at the resistance level of 84.47, it's expected to rise to the level of 85.06, bearing in mind that the USDX is entering the overbought area. The MACD indicator stays in the positive territory.

H1 chart: The USDX is trying to form a higher high pattern above the support level of 84.18. If the USDX manages to make a breakout at the resistance level of 84.37, the next objective would be the level of 84.60. However, the USDX could carry out a pullback and fall back to the support level 84.03. The MACD indicator stays in the positive territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 84.18, take profit is at 84.37, and stop loss is at 83.99.

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Daily analysis of GBP/USD for September 10, 2014 Market Analysis Review

Daily chart: GBP/USD has found support at the level of 1.6046, since this pair is trying to form a bearish pattern. However, the GBP/USD pair manages to make a breakout at the resistance level of 1.6146. Rising to the level of 1.6235 is expected in an attempt to fill the gap bearish. The MACD indicator remains in the negative territory

H4 chart: The GBP/USD is trying to form a lower low pattern above the support level of 1.6004. However, this pair could perform a rebound from the current levels and climb up to the resistance level of 1.6247. If the GBP/USD pair manages to make a breakout at that level, the next target would be the 1.6435 level. The MACD indicator is entering the oversold zone.

H1 chart: This pair is trying to consolidate above the level of 1.6117, so GBP/USD could make a retracement up to the 1.6170 level. If this pair manages to make a breakout at that level, it's expected to climb to the 1.6215 level. The MACD indicator stays in the positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6075, take profit is at 1.6031, and stop loss is at 1.6119.

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USDCAD Daily Analysis - September 10, 2014 Forex Analysis

USDCAD broke above 1.0997 resistance, indicating that the uptrend from 1.0619 (Jul 3 low) has resumed. Further rise could be expected and next target would be at 1.1200 area. Support is at 1.0940, only break below this level will indicate that lengthier consolidation of the uptrend is underway, then deeper decline to 1.0850 area could be seen.

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